Information technology evolves in multi-decade cycles of expansion, consolidation and decentralization. Periods of expansion follow the introduction of a new open platform that reduces the production costs of technology as it becomes a shared standard. As production costs fall, new firms come to market leveraging the standard to compete with established incumbents, pushing down prices and margins, and decentralizing existing market powers

We published the Placeholder investment thesis. A lot has happened since we first shared it with our investors in September 2017. It's a "summary" because each section is a subset of a larger body of work and thought which we'll expand via our blog posts as a market develops.